Geithner And Schauble Release Joint Non-Statement

The U.S. Department of the Treasury, in conjunction with the German Finance Ministry, today released the following joint statement at the conclusion of Secretary Timothy Geithner’s meeting with German Finance Minister Wolfgang Schäuble:

“Timothy Geithner and Wolfgang Schäuble today met on the island of Sylt to use the informal atmosphere for an open exchange of views on global, U.S. and European economies. They emphasized the need for ongoing international cooperation and coordination to achieve sustainable public finances, reduce global macroeconomic imbalances, and restore growth.

“Both expressed confidence in Euro area member states’ efforts to reform and move towards greater integration. They welcomed the Irish example of placing successfully longer term bonds last week and Portugal's continued success in meeting program commitments. They discussed the considerable efforts undertaken by Spain and Italy, to pursue far-reaching fiscal and structural reforms. The U.S. and Germany will continue to cooperate closely with their partners when advancing the policy agenda in autumn to further stabilize global and European economies.

“While again stressing the need for policymakers to adopt and implement all reform steps required to deal with the financial crisis and crisis of confidence, Secretary Geithner and Minister Schäuble also took note of statements from European leaders last week to take whatever steps are necessary to safeguard financial stability in the Euro area.”

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In other words, a big steaming pile of nothing.

For those of you who don't know who Tim Geithner is, he is the man who 4 months before the US downgrade said there was "no risk" of the US being downgraded.

When doing things about stuff, we find that there are these guys that have a long tradition of doing things. It has come to our attention when things are done to stuff those guys are undecided on an area of open objectives. As a conditional option surrounding the secondary agreement I concur with reservations on the actions as defined in the context of the quorum.

My summary of the discussion, Shakespeare comes to mind for some reason.

David, they know what their doing. They are paid to lie. They are paid to say things that will keep the masses confidence in the market up. They know that it is a sham, they are paid to read off a script that is carefully orchistrated.You do what your told after you rub elbows with the elite.

3. ZERO HEDGE. The mysterious person(s) behind this massive continuous stream of reports and analysis from the loony bin of Wall Street and beyond has a manic edge but accurately reflects the madness of the current situation. Zero Hedge seems to post virtually around the clock, every day. They are relentless and hugely comical, with exactly the right sharply malicious overtones required in these evil times. The characters who infest their comment section are some of the worst vermin in trolldom.

Geithner is a criminal and a traitor. He puts America no better than third to his real masters. That Americans have tolerate politicians, on both sides, that nominate and confirm people like Geithner and Bernanke is a testament to the apathy of the American sheeple. They don't deserve the country that their fathers fought for. They should pack the fuck up and go back to China, India, Africa and the EU where being a Socialist serf was always okay. Sheeple vote for Obamney and Mittens to keep their white collar welfare checks coming on the backs of non-public workers.

Geithner is right. There will be no downgrade. Everyone has been appropriately threatened or simply dealt with. But remember, if the price signal is repressed, volume adjusts nevertheless...rule #1 in economics, lest we forget!

Until Germany says "we will pay for this mess without condition" or the PIGS say "we will be your bitches for the next 50 years if you pay for this mess" it is all bullshit. I do not see the Germany accepting anything less than the same work/retirement/vacation/budget/etc rules in exchange for bailout and I dont see the South giving up on the fantasy that work is not something that should take precedent over leisure. I know - a simplication but basically the problem in a nutshell.

I disagree with Tyler's conclusion. The statement says ALOT. Last paragraph essentially implies they accept the need for the ECB to ease. NO direct statement against.

Next on to Draghi to formulate plan for easing. It will not be sovereign debt so don't have to worry about Spain requesting. It will be "private" debt in some form. Again so new money will be able to be "directed" to various markets by ECB.

It will happen this week, I'm fairly certain. Economies are tanking big time all over. Situation is looking grave.

Hehehe, he didn't come to see Wolfi Schäuble, it's only a courtesy visit, the reason for his trip is to give instructions to little Mario. But he could have saved the flight, leaving instructions in 200 West Street.....

Schauble didn't have to show up, but he did. Old habits, no need to be rude, its not the Italians after all. Usually he just doesn't get out of bed, when he doesn't want to discuss his policy. Schauble has lots of time, the autoworkers still trust him. For Geithner's boss time is very short. For BHO to have wind at his back in November the EURO should be 1.40 right now. !.40 in October won't help any more, it will be too late. The Dollar is all on Geithner's watch, no need to get authorization from Congress. What can Tim threaten, or promise, to get German cooperation? BHO pulls troops back from Ramstein, due to the sequester? Euro drops....hmmm, no good. And Mitt's in Poland, so too risky. How about carrots, or carats? US transfers German gold, EURO rallies.....